(1)  A law practice must, within 21 days after the end of a specified period, pay out of any of its trust accounts into a designated trust deposit account an amount that, taken together with an amount held by the law practice in any trust deposit account, is not less than two-thirds of the specified deposit for that period.

(2)  The prescribed authority, on application being made to it, may exempt a law practice from the provisions of subsection (1) for such period and subject to such conditions as it thinks fit.

(3)  If the prescribed authority exempts a law practice it may –

(a) revoke that exemption; or

(b) where it imposes a condition on that exemption, vary, revoke or amend that condition.

(4)  If, at the end of a specified period, the amount held by a law practice in a designated trust deposit account exceeds two-thirds of the specified deposit for that period, the law practice may apply to the Trust for repayment of that excess.

(5)  A law practice is not liable to pay an amount under subsection (1) if –

(a) the amount payable is less than $20 000, or such other amount as may be prescribed; and

(b) the law practice submits to the Trust at its request a complete copy of all financial statements relating to any trust account of the law practice in respect of the relevant period.

(6)  A law practice which fails to deposit the required amount into a designated trust deposit account is liable to pay the prescribed authority interest on the amount not deposited for the period of the default at a rate fixed by the prescribed authority.

(7)  The prescribed authority may remit part or all of any interest paid under subsection (6) .

(8)  The prescribed authority must pay any interest received by it under subsection (6) into a trust deposit account established under section 636 .